Computer Vision Market Report Overview:
The computer vision market 2020 is supposed to capitalize on new opportunities. An influx of new products as well as players is also anticipated, thus, facilitating market augmentation. Market Research Future (MRFR)’s recent study shows that the global computer vision market is poised to strike 31.65% CAGR over the review period 2018 to 2023. It also reveals an estimation that the computer vision market size is poised to reach USD 48.32 Bn by 2023 up from USD 9.28 Bn in 2017.
The growing demand for augmented and virtual reality is projected to drive the growth of the Computer Vision Market in the upcoming years. In addition, rising players investing in the gadgets that leverage computer vision technology is poised to catalyze the growth rate of the market. Also, the technology is witnessing integration with industrial applications. This, in turn, is presumed to augment the computer vision market in the foreseeable future. The growth of the gaming industry is prognosticated to play a developmental role in the computer vision market.
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Intel Corporation (U.S.), National Instruments (U.S.), Keyence Corporation (Japan), Microsoft Corporation (U.S.), Sony Corporation (Japan), Cognex Corporation (U.S.), Nvidia Corporation (U.S.), IBM Corporation (U.S.), Autoliv Inc. (U.S.), and Basler AG (Germany) are the key players of the computer vision market assessed in this report.
- On the basis of component, the segments of the global computer vision market are hardware and software. The hardware segment currently dominates the market and is also projected to exhibit the highest growth rate over the next couple of years. In addition, this MRFR assessment unveils that the size of the segment, in terms of revenue, is supposed to reach USD 26.43 Bn by the end of 2023. Rising affordability of semiconductor devices is anticipated to drive the growth of the segment in the forthcoming years.
- Based on application, the segments of the computer vision market are character recognition, gesture recognition, face recognition, and others. Among these, the gesture recognition segment is poised to expand at the highest CAGR and exercise dominance over the market in the years to come. The requirement of lesser devices for the efficient use of the product is likely to augment the segment over the forecast period. Furthermore, ongoing innovations to improve the performance is also poised to impact the segment favorably.
- On the basis of end-user, the segmentation of the computer vision market covers transportation, agriculture, healthcare, automotive, entertainment, and others. The automotive segment is anticipated to witness the highest growth rate of 33.86% during the review period. This segment is assessed to hold the pole position in the near future. In addition, the entertainment segment is also assessed to exhibit strong growth potential due to the launch of gadgets such as headsets or personal devices.
The regional analysis of the computer vision market included in the report covers the following regions – North America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA). These regions are also studied in detail on the basis of countries to present an actionable insight into the market. North America holds over one-third of the global computer vision industry.
The U.S. is assessed to secure the leading position in the region over the forecast period. Presence of key market participants is poised to augment the computer vision market in the region. Asia Pacific is the fastest growing region and is expected to mark 35.95% CAGR. Increasing number of tech startups and rising economic growth rate are the key factors driving the growth of the computer vision market in the region over the assessment period.
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